Disability Insurance Trust Fund

The Disability Insurance Trust Fund is a
separate account in the United States Treasury. A fixed proportion
(dependent on the allocation of tax rates by
trust fund) of the taxes
received under the Federal Insurance Contributions Act and
the Self-Employment Contributions Act are deposited in the fund
to the extent that such taxes are not needed immediately to pay
expenses. Taxes are deposited in the fund
on every business day.

The trust fund provides automatic spending authority to pay monthly
benefits to disabled-worker beneficiaries and their spouses and children.
With such spending authority, the Social Security Administration does not need
to periodically request money from the Congress to pay benefits.

Funds not withdrawn for current expenses
(benefits, the financial interchange with the Railroad Retirement
program, and administrative expenses) are
invested in interest-bearing
Federal securities, as required by law; the interest earned
is also deposited in the trust fund.

The Disability Insurance (DI) Trust Fund was created with passage of
the Social Security Act Amendments of 1956.
DI became effective on January 1, 1957.

The Board of Trustees currently consists
of 6 members, 4 of whom automatically serve by virtue of their positions
in the Federal Government. These 4 are the

Secretary of the Treasury (the Managing Trustee),

Secretary of Labor,

Secretary of Health and Human Services, and

Commissioner of Social Security

The other 2 members are appointed by the President, and confirmed by the Senate,
as required by the "Social Security Amendments of 1983."
These 2 members serve 4-year terms.

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